May 12 (Bloomberg) -- International Monetary Fund European
Director Antonio Borges said he currently sees no need for a
Greek debt restructuring and suggested the country could sell
more state assets.

“At this point we think that Greece should be moving in
the right direction where debt is sustainable,” Borges said at
a press conference in Frankfurt today. “There is no need for
any debt restructuring.”

European nations may provide more aid to Greece, recipient
of the first euro-area bailout, as it struggles to reduce a debt
load that some investors say will lead to a restructuring. The
Greek government is preparing 50 billion euros ($71 billion) of
asset sales to help pay down debt that reached 143 percent of
gross domestic product last year, the most in the euro region.

“The government has an extraordinarily large portfolio of
assets” and 50 billion euros “is less than 20 percent of all
assets that the Greeks could privatize,” Borges said. The
balance sheet of the government’s Real Estate Development
Company amounts to 280 billion euros, he said. “I’m only
signaling that we are talking about a low percentage of the
total.”

Greek Review

Officials from the European Union, the European Central
Bank and the IMF yesterday began their fourth evaluation of
Greece’s economy. The review is required before June, when the
country is scheduled to receive 12 billion euros of aid.

“The Greek adjustment program hasn’t brought all the
results we had expected,” Luxembourg Prime Minister Jean-Claude
Juncker, who leads the group of euro-area finance ministers,
said today in Mainz, Germany. “This program has to be bolstered
in coming weeks so that Greece can return one day to financial
markets, which Greece with certainty won’t be able to do in
2012.”

Borges said the IMF hasn’t received a request by the Greek
government to extend the 110 billion-euro aid package that was
negotiated last year.

“We’re extremely focused on getting the current program to
succeed,” Borges said. “The Greek program is very ambitious.
Things never go exactly as expected, there are always deviations
here and there but there have also been compensating factors.”